(TheNewswire)
Calgary, A B - TheNewswire - February23, 2023 - Tocvan Ventures Corp. (the“ Company ”) (CSE:TOC ) ( OTC:TCVNF ) ( FSE:TV3) , ispleased to announce the results from surface channel sampling acrossareas being prepared for the excavation of material for a Bulk Sampleat its Pilar Gold-Silver Project in Sonora, Mexico. Channel samplingwas completed every 5-meters perpendicular to exposed mineralizationand alteration at surface along the Main Zone and 4-T trends. Eightlocations were sampled to test varying levels of exposedmineralization, all eight trench locations returned anomalous gold andsilver values. At the Main Zone, trench TR-2023-01, seven samples overa 35-meter trend returnedan average grade of 2.2 g/t Au and 14.2 g/t Ag,ranging from 8.3 g/t to 0.1 g/t Au (see Table 1and Figure 1). Along trench TR-2023-02, five samples over a 20-meter trend returned an average grade of 2.8 g/t Au and 9.5 g/t Ag,ranging from 7.1 to 0.7 g/t Au . TrenchTR-2023-07 consisted of five samples along a 25-meter trend which returned an average grade of 2.2 g/t Au and 30.5 g/t Ag,ranging from 7.3 g/t to 0.1 g/t Au . Along theMain Zone south trend anomalous values of gold and silver werereturned at surface where mineralization is known to be morepronounced at depth confirmed by drill hole JES-22-62, which returned108.6m of 0.8 g/t Au. In total, 37 channel samples were collectedacross the property; 22 samples returned values above 0.15 g/t Au,including 12 samples above 1.0 g/t Au ( seeFigure 1 and Table 1 for full results ).
Highlights
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Gold values averaging 1.4 g/t, reported up to 8.3 g/tAu
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Silver values averaging 11 g/t, reported up to 65 g/tAg
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Results will guide Bulk Sampling to produce arepresentative blend of material from surface at Pilar
"The results from channel sampling at Pilar areextremely encouraging, exceeding our expectations and showcasing thepotential for consistent high-grade gold with silver values for ourbulk sampling” stated Brodie Sutherland,CEO . “As we get set for our first bulk sampleat Pilar this provides us with confidence in extracting significantgrade over the already exposed portions of the mineralization not onlyat our established Main Zone but also along the 4-T trend.”
Up to 1,000 tonnes of oxide-gold material will beextracted from select areas exposed at surface across the projectarea, focusing on the Main Zone and 4-T Trends where preliminarycolumn leach studies have returned promising head-grade and recoveryresults. Bulk Sample material will be extracted and prepared forprocessing by heap-leach method at a private mining operation lessthan 25 kilometers to the west of Pilar. Information from the samplewill aim to provide a more detailed account of expected head-grade andrecovery percentage of gold along with providing key information tooptimize future production facilities. In coordination with the BulkSample, additional metallurgical sampling will be completed toidentify gold characteristics to further improve gold extractiontechniques. The process will be managed by an independent qualifiedprofessional specializing in the metallurgy of oxide-gold deposits.Total duration of the processing and analysis of the bulk sample isexpected to span three to four months depending on the rate ofprecious metals actively recovered through the heap-leach process. Theinformation provided from the sample will be used for planning incoordination for permitting of full-scale mine and process facilitieson-site at Pilar.
Figure 1. Map of Channel Sampling Results from BulkSample Program at Pilar Project
Table 1. Channel Sampling Results from Bulk SampleProgram at Pilar Project
TARGET | TRENCH ID | SAMPLE ID | Easting | Northing | Elevation (m) | Weight (kg) | Au (g/t) | Ag (g/t) |
MAIN ZONE | TR-2023-01 | 494701 | 617429 | 3144559 | 415 | 3.85 | 8.30 | 37.9 |
TR-2023-01 | 494702 | 617431 | 3144553 | 407 | 6.70 | 6.62 | 45.5 | |
TR-2023-01 | 494703 | 617432 | 3144549 | 403 | 6.64 | 0.16 | 5.0 | |
TR-2023-01 | 494704 | 617435 | 3144547 | 401 | 5.40 | 0.18 | 5.3 | |
TR-2023-01 | 494705 | 617437 | 3144541 | 404 | 6.29 | 0.23 | 3.9 | |
TR-2023-01 | 494706 | 617434 | 3144536 | 408 | 6.70 | 0.04 | 1.3 | |
TR-2023-01 | 494707 | 617435 | 3144530 | 404 | 5.02 | 0.07 | 0.8 | |
TR-2023-02 | 494708 | 617426 | 3144564 | 399 | 6.38 | 0.69 | 5.5 | |
TR-2023-02 | 494709 | 617426 | 3144569 | 398 | 7.00 | 7.06 | 8.7 | |
TR-2023-02 | 494710 | 617422 | 3144574 | 398 | 4.93 | 1.67 | 14.0 | |
TR-2023-02 | 494711 | 617422 | 3144579 | 399 | 5.72 | 2.36 | 13.8 | |
TR-2023-02 | 494712 | 617418 | 3144565 | 397 | 7.73 | 2.30 | 5.3 | |
TR-2023-03 | 494738 | 617394 | 3144631 | 395 | 5.56 | 4.39 | 7.9 | |
TR-2023-03 | 494739 | 617404 | 3144679 | 400 | 6.62 | 0.52 | 1.5 | |
TR-2023-03 | 494740 | 617411 | 3144629 | 400 | 6.66 | 0.02 | 0.3 | |
TR-2023-04 | 494713 | 617405 | 3144592 | 396 | 6.69 | 0.04 | 1.3 | |
TR-2023-04 | 494714 | 617401 | 3144596 | 396 | 5.98 | 0.03 | 2.5 | |
TR-2023-04 | 494715 | 617399 | 3144601 | 396 | 6.54 | 0.03 | 1.7 | |
4-T | TR-2023-05 | 494735 | 617763 | 3144650 | 430 | 5.57 | 2.47 | 23.0 |
TR-2023-05 | 494736 | 617762 | 3144658 | 431 | 5.70 | 1.14 | 33.0 | |
TR-2023-05 | 494737 | 617751 | 3144674 | 425 | 6.23 | 0.28 | 8.2 | |
TR-2023-06 | 494734 | 617794 | 3144639 | 426 | 6.09 | 0.41 | 3.4 | |
TR-2023-07 | 494729 | 617912 | 3144648 | 445 | 7.38 | 0.06 | 1.4 | |
TR-2023-07 | 494730 | 617905 | 3144653 | 446 | 7.70 | 7.27 | 64.5 | |
TR-2023-07 | 494731 | 617903 | 3144658 | 445 | 5.19 | 1.83 | 20.9 | |
TR-2023-07 | 494732 | 617897 | 3144660 | 445 | 7.63 | 0.97 | 6.1 | |
TR-2023-07 | 494733 | 617893 | 3144660 | 445 | 6.54 | 0.89 | 59.8 | |
MAIN ZONE SOUTH | TR-2023-08 | 494719 | 617578 | 3144454 | 491 | 7.26 | 0.61 | 10.9 |
TR-2023-08 | 494720 | 617507 | 3144450 | 491 | 6.73 | 0.03 | 11.2 | |
TR-2023-08 | 494721 | 617508 | 3144461 | 491 | 5.76 | 0.04 | 2.1 | |
TR-2023-08 | 494722 | 617508 | 3144467 | 494 | 5.52 | 0.07 | 3.6 | |
TR-2023-08 | 494723 | 617510 | 3144472 | 448 | 6.27 | 0.10 | 2.7 | |
TR-2023-08 | 494724 | 617514 | 3144478 | 447 | 5.88 | 0.02 | 2.1 | |
TR-2023-08 | 494725 | 617509 | 3144487 | 441 | 6.59 | 0.17 | 3.2 | |
TR-2023-08 | 494726 | 617501 | 3144494 | 439 | 5.48 | 0.01 | 2.0 | |
TR-2023-08 | 494727 | 617501 | 3144494 | 440 | 5.14 | 0.01 | 4.4 | |
TR-2023-08 | 494728 | 617505 | 3144497 | 436 | 5.57 | 0.05 | 0.7 |
Channel samples were taken approximately 5-metersapart, perpendicular to the trend of trench locations. Coordinatesare in UTM NAD 27.
Share Issuance
As part of the production and broadcasting media agreement enteredinto with New to The Street Group LLC (“New Street”) datedAugust 15, 2022 (the “Agreement”), the Company is obligated toissue 218,000 common shares to New Street under the Agreement at adeemed issue price of $0.50 per common share. The common shares aresubject to a statutory four month hold period from the date ofissuance.
About the Pilar Property
The Pilar Gold-Silver property has recently returnedsome of the regions best drill results. Coupled with encouraging goldand silver recovery results from metallurgical test work, Pilar isprimed to be a potential near-term producer. Pilar is interpreted as astructurally controlled low-sulphidation epithermal system hosted inandesite rocks. Three primary zones of mineralization have beenidentified in the north-west part of the property from historicsurface work and drilling and are referred to as the Main Zone, NorthHill and 4-T. The Main Zone and 4-T trends are open to the southeastand new parallel zones have been recently discovered. Structuralfeatures and zones of mineralization within the structures follow anoverall NW-SE trend of mineralization. Mineralization extends along a1.2-km trend, only half of that trend has been drill tested so far. Todate, over 23,000 m of drilling has been completed.
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2022 Phase III Diamond Drilling Highlights include( all lengths are drilled thicknesses ):
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116.9m @ 1.2 g/t Au, including 10.2m @ 12 g/t Au and 23g/t Ag
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108.9m @ 0.8 g/t Au, including 9.4m @ 7.6 g/t Au and 5g/t Ag
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63.4m @ 0.6 g/t Au and 11 g/t Ag, including 29.9m @ 0.9g/t Au and 18 g/t Ag
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2021 Phase II RC Drilling Highlights include( all lengths are drilled thicknesses ):
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2020 Phase I RC Drilling Highlights include ( all lengths aredrilled thicknesses
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94.6m @ 1.6 g/t Au, including 9.2m @ 10.8 g/t Au and 38g/t Ag;
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41.2m @ 1.1 g/t Au, including 3.1m @ 6.0 g/t Au and 12g/t Ag ;
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24.4m @ 2.5 g/t Au and 73 g/t Ag, including 1.5m @ 33.4g/t Au and 1,090 g/t Ag
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15,000m of Historic Core RC drilling. Highlightsinclude:
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61.0m @ 0.8 g/t Au
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16.5m @ 53.5 g/t Au and 53 g/t Ag
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13.0m @ 9.6 g/t Au
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9.0m @ 10.2 g/t Au and 46 g/t Ag
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Figure 2. Map of Sonora, Mexico with the location ofTocvan’s Projects relative to other major Sonora projects
About the El Picacho Property
The El Picacho Gold-Silver property is interpreted as an orogenic goldsystem within the regional Caborca Orogenic Gold Belt known forproducing gold mines that include La Herradura (>10 Moz Au) and SanFrancisco (>3 Moz Au). The project is 140 kilometers north ofHermosillo and only 18 kilometers southwest of the producing SanFrancisco Mine. The Project totals 24 square kilometers of areashowing similarities in geology and structure as the San FranciscoMine. Five primary zones of mineralization have been identified acrossthe property totalling over six kilometers of prospective trends.Surface sampling and historic workings have identified high-grade goldand silver values. Recently the Company completed its first drillprogram at El Picacho, confirming its model and hitting significantgold mineralization In a step-out to historic workings. Drill holeSRA-22-010, intersected 44.2-meters of 0.6 g/t Au,including 12.2-meters of 2.0 g/t Au and 7 g/t Ag . Asexploration and drilling continues, Tocvan believes this provide anexcellent opportunity for discovery of a muti-million ounce district.
Figure 3. Overview map of the El Picacho Gold-SilverProject.
About Tocvan Ventures Corp .
Tocvan is a well-structured exploration developmentcompany. Tocvan was created in order to take advantage of theprolonged downturn the junior mining exploration sector, byidentifying and negotiating interest in opportunities where managementfeels they can build upon previous success. Tocvan has approximately38 million shares outstanding and is earning 100% into two excitingopportunities in Sonora, Mexico: the Pilar Gold-Silver project and theEl Picacho Gold-Silver project. Management feels both projectsrepresent tremendous opportunity to create shareholder value.
Brodie A. Sutherland, P.Geo., CEO for Tocvan VenturesCorp. and a qualified person ("QP") as defined by CanadianNational Instrument 43-101, has reviewed and approved the technicalinformation contained in this release.
Quality Assurance / Quality Control
Channel samples were shipped for sample preparation toALS Limited in Hermosillo, Sonora, Mexico and for analysis at the ALSlaboratory in North Vancouver. The ALS Hermosillo and North Vancouverfacilities are ISO 9001 and ISO/IEC 17025 certified. Gold was analyzedusing 50-gram nominal weight fire assay with atomic absorptionspectroscopy finish. Over limits for gold (>10 g/t), were analyzedusing fire assay with a gravimetric finish. Silver and other elementswere analyzed using a four-acid digestion with an ICP finish. Overlimit analyses for silver (>100 g/t) were re-assayed using anore-grade four-acid digestion with ICP-AES finish. Control samplescomprising certified reference samples and blank samples weresystematically inserted into the sample stream and analyzed as part ofthe Company’s robust quality assurance / quality controlprotocol.
Cautionary Statement Regarding Forward LookingStatements
This news release contains “forward-lookinginformation” which may include, but is not limited to, statementswith respect to the activities, events or developments that theCompany expects or anticipates will or may occur in the future.Forward-looking information in this news release includes statementsregarding the use of proceeds from the Offering. Such forward-lookinginformation is often, but not always, identified by the use of wordsand phrases such as “plans”, “expects”, “is expected”,“budget”, “scheduled”, “estimates”, “forecasts”,“intends”, “anticipates”, or “believes” or variations(including negative variations) of such words and phrases, or statethat certain actions, events or results “may”, “could”,“would”, “might” or “will” be taken, occur or be achieved.
These forward-looking statements, and any assumptionsupon which they are based, are made in good faith and reflect ourcurrent judgment regarding the direction of our business. Managementbelieves that these assumptions are reasonable. Forward-lookinginformation involves known and unknown risks, uncertainties and otherfactors which may cause the actual results, performance orachievements of the Company to be materially different from any futureresults, performance or achievements expressed or implied by theforward-looking information. Such factors include, among others, risksrelated to the speculative nature of the Company’s business, theCompany’s formative stage of development and the Company’sfinancial position. Forward-looking statements contained herein aremade as of the date of this news release and the Company disclaims anyobligation to update any forward-looking statements, whether as aresult of new information, future events or results, except as may berequired by applicable securities laws.
There can be no assurance that forward-lookinginformation will prove to be accurate, as actual results and futureevents could differ materially from those anticipated in suchstatements. Accordingly, readers should not place undue reliance onforward-looking information.
For more information, please contact:
TOCVAN VENTURES CORP.
Brodie A. Sutherland, CEO
820-1130 West Pender St.
Vancouver, BC V6E 4A4
Telephone: 1 888 772 2452
Email: ir @tocvan.c a
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